General Motors (NYSE: GM) said that it will temporarily idle three factories and run a fourth at half speed amid a growing global shortage of semiconductor chips critical to the auto industry.
GM joins a growing list of global automakers that have been forced to reduce production because of a shortage of key chips, a result of increased global demand for higher-end personal computers amid the COVID-19 pandemic. Volkswagen (OTC: VWAGY), Ford Motor Company (NYSE: F), Toyota Motor (NYSE: TM), and Stellantis (NYSE: STLA) are among the automakers that have had to reduce production in recent weeks.
GM said that it will idle assembly plants in Fairfax, Kansas; Ingersoll, Ontario; and San Luis Potosí in Mexico for at least one week starting next Monday, Feb. 8. A fourth factory, in Bupyeong, South Korea, will run at half capacity starting next week.